BERLIN (Reuters) – Germany’s Finance Ministry said on Thursday that the government was setting up a protective shield for credit insurers for 2020 that amounts to 30 billion euros ($32.66 billion) and will guarantee business volume of around 400 billion euros.
In return, credit insurers must give 65% of their premium income in 2020 to the government. Credit insurance protects suppliers from defaults on payments if a domestic or foreign customer cannot or will not pay the invoice.
(Writing by Paul Carrel; Editing by Michelle Martin)
